Guideline Value for PALANIAPPA NAGAR

Palaniappa Nagar guideline value

The current guideline value for Palaniappa Nagar is Rs 2,100 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Palaniappa Nagar has changed

The guideline value for Palaniappa Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 101 per sq.ft, which increased to Rs 600 per sq.ft in 2007. This was a substantial rise of 494%. The value then increased further to Rs 2,000 per sq.ft in 2012, marking a 233% increase from the previous revision. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The guideline value then rose to Rs 2,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the value at Rs 2,100 per sq.ft, which is a 5% increase from 2023.

It is important to note that there is no figure available for the year 2003 in the register for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Palaniappa Nagar's 2024 figure below that median.

• Palanimalai Nagar: Rs 2,700 per sq.ft (2024)
• Padmavathi Nagar (Kallikuppam): Rs 1,600 per sq.ft (2024)
• Padmavathi Nagar: Rs 2,500 per sq.ft (2024)
• Palla Street: Rs 2,500 per sq.ft (2024)
• Palla Street S.No.70/1a1: Rs 2,500 per sq.ft (2024)
• Padavattamman Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Palaniappa Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,100 per sq.ft, the guideline value amounts to Rs 21,00,000. The stamp duty is charged at 7%, which totals Rs 1,47,000, and the registration fee at 2% amounts to Rs 42,000. Together, these fees total Rs 1,89,000. The duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Palaniappa Nagar?

The Sub Registrar Office that covers Palaniappa Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Korattur

The guideline value is a crucial factor when registering property transactions in Korattur. It determines the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value for Palaniappa Nagar?

The current guideline value for Palaniappa Nagar is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 101 per sq.ft in 2002 to Rs 2,100 per sq.ft in 2024, reflecting an overall increase of 1979% across the revisions.

What is the registration office for Palaniappa Nagar?

The Villivakkam Sub Registrar Office covers Palaniappa Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for property in Palaniappa Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 21,00,000 would incur a stamp duty of Rs 1,47,000.

What are the other streets in Korattur with their guideline values?

Other streets in Korattur include Palanimalai Nagar at Rs 2,700 per sq.ft, Padmavathi Nagar (Kallikuppam) at Rs 1,600 per sq.ft, and Padavattamman Nagar at Rs 1,600 per sq.ft, among others.